Reality check -- is this amount of time normal?

Some men last 1 minute. Ask spinny a about it. Something about kanadians.

Yes, and if it lasts more than four hours you should see your doctor immediately.

Some people seem to think you're gettin' effed? Me too! You need to talk to your excellent real estate attorney. Also, you might consider telling the seller that, since prices are softening, you need price concessions since you've waited soooo long as the market continues to fall. THAT could well clarify things.

Do you think they have any incentive to stall? Does your contract say if it doesn't close by X date it is null and void?

Well, there is no "normal" time period between contract and closing. But if it's not a new construction building, your delay seems longer than necessary. Do you have an agent working with you, or is this purchase direct from the seller? Your agent, if you have one, should be able to get to the bottom if the cause of the delays, even if it can't be remedied. At least you'll know what's up.

Does the seller have any incentive to delay? Are they waiting for you to walk away so they can sell for a higher price? What is the closing date specified in the contract? Are you waiting to lock in to a mortgage rate? Have you found anything you like as much? Would you like to get your deposit back? Or do you really want this place? If you do, then it may be worth the wait, especially if you got it for a better price than you could negotiate today.

Okay, I know that's more questions, rather than answers. But I hope it's helpful.

Nice follow up hk. Op, it's the board. Any seller in this mkt is desperate or smart, sometimes both. Why would you sell bf record ws bonus???????

Thanks, that is helpful. The closing date was November 1, but we've extended it several times. The outside closing date has come and gone as well -- so we can cancel if we want, and get the deposit back. We're happy where we are currently -- so if it does fall apart, we won't be too bent out of shape about it. (We've also asked for price concessions, but haven't heard back yet.)

I don't know if they have any reason to want to stall -- I've wondered that myself. I don't think cancelling would let them get a better deal elsewhere (and my broker agrees), but it's always possible that they're hoping we'll walk so they can shop it around. We keep hearing excuses about not being able to obtain appliances and materials -- supplier delays, they say -- but at this point I'm not sure I really believe that explanation. (It's a condo, so the board luckily isn't a factor in this one.)

But it sounds like we're already beyond what most people would consider a reasonable period of time to wait -- so that certainly helps figure out what to do. Thanks again for your help.

Hk. You owe me 10%. Go all in.

You've got nothing to lose. Have attoney send cancellation letter. If walk who cares? If thy come back begging, $50k off.

HK, if you're happy where you are, and aren't truly tied to the new place, I would put the ball in their court and start walking. If it doesn't sell soon thereafter, it should be fairly easy to revisit at a somewhat lower price. Just be prepared to lose the place if you go that route. I'd definitely consult with your lawyer though and be careful with w67th advice - if you have nothing to lose on this deal, he has even less. The expectation of $50k off at-a-whim is certainly possible, but too facile and can lead to some self-entitlement when it comes to expected seller concessions.

While I was in the can, it hit me! If seller is game, call him and say the $50k can come from borkers. See a little known fact lost in the bubble. That 6% is called 'bringing the parties together.'.

Agree with BJW, though as you said "At some point I think we just have to accept that it ain't happening and go on with our lives -- so I just wanted to get a reality check on how long was too long to keep trying."

Sounds like your amenable :)to walk. If you are, you can be more aggresive as per w67thstreet's suggestions. Be somewhat tactful, citing the amount you come up with to the renovation costs,etc.
I don't think you'd get the whole 6% but half (3%) from them and half from the seller.
Again, it depends on your flight willingness.

Your attorney should have had incentives, or penalties rather for untimely closing scenarios, particularly on the renovation factor.
A good attorney would have had a value of the renovation in the contract to be deducted if not done by a certain date.

Just to provide an update, we asked for $15,000 off as compensation. (That amount would only just cover the extra rent we've paid because of the delays, so it seemed fair.) They said no, and we walked. My attorney just has to send over the papers.

This, by the way, is the same sponsor that is building the Columbus Square development. I keep hearing that they're shady (and possibly going bankrupt), and I've got to say that this experience was entirely consistent with what others have said about them. It's disappointing -- particularly for a first time buyer -- but at the same time we probably dodged a bullet.

HK,
where's your downpayment? If developer's going BK, get the $ asap. Congrats for gettin outta this.

Thanks. It's in escrow with an attorney that appears reputable, so hopefully there won't be any problems on that front. (Though you never know -- after this clusterf***, I'd be willing to believe just about anything.)

Thanks. It's in escrow with an attorney that appears reputable, so hopefully there won't be any problems on that front. (Though you never know -- after this clusterf***, I'd be willing to believe just about anything.)

Document, document, document. Even start writing things down now so that you'll have your facts & timeline right should you end up in court months from now. I think you did dodge a bullet; good luck there!

Deals can take 3-6 months to close. It is becoming the new norm, where as in the past closing were 1 -2 months from the signed contract. Put pressure on the managing agent, have your real estate agent call and ask if they can help getting any of the paper work together and have the agent call every couple of days. We often have to do this to get the parties to act. Also, have your attorney get involved with the managing agent, find out what exactly is needed and what needs to be done to get the appropriate paperwork.

Good luck.